I just saw a ranking data from the investment banking circle, which somewhat overturned my previous understanding. It turns out that boutique investment banks have really been rising in recent years, giving the traditional Big Nine investment banks a significant shake-up.

Interestingly, firms like Goldman Sachs, often considered the "ceiling" of investment banks, have fallen to 19th place in an authoritative ranking, with JPMorgan Chase close behind at 20th. A few years ago, Goldman was consistently ranked in the top three, so this shift is quite remarkable.

I took a closer look at the ranking's scoring system, which is based on evaluations from over 3,000 banking professionals across multiple dimensions such as reputation, corporate culture, compensation, and growth prospects. The results were surprising—three boutique investment banks are among the top five.

Why can these boutique investment banks surpass the Big Nine? The core reason is that they follow a "small but refined" approach. For example, Evercore focuses on M&A and strategic consulting, while Lazard specializes deeply in M&A restructuring and asset management. Unlike comprehensive large investment banks that do everything, they excel in niche areas with extreme professionalism, which has earned them more recognition.

This trend also offers insights for job seekers. Nowadays, whether it's the Big Nine, boutique investment banks, or the Big Four, recruitment notices increasingly emphasize CFA certification as a priority. Firms like Goldman Sachs and JPMorgan Chase explicitly state in their job descriptions that a CFA certificate is required, and domestic companies like BAT and Xiaomi are also demanding CFA qualifications.

What preparations are needed to get into these investment banks? First, obtaining the CFA is essential—it's the most recognized certification in investment finance. Second, gaining internship experience and maintaining sensitivity to market trends and economic events are crucial. Additionally, the ability to quickly integrate into teams and strong communication and collaboration skills are highly valued in investment banking.

Honestly, current job seekers are quite fortunate. They can choose from traditional Big Nine investment banks or new opportunities in boutique firms. Both paths have their advantages; the key is to choose based on your career plan. Some may be better suited to gaining comprehensive experience at large platforms, while others might prefer to specialize deeply in a niche. Ultimately, the best choice is what fits you best.